Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association (CBA), today applauds the federal government for the broad-based tax cuts outlined by Finance Minister Jim Flaherty in his Economic Update.

"This is a strong move that gives Canada a competitive tax advantage," said Ms. Hughes Anthony. "This will be noticed on the world stage, clearly putting the spotlight on Canada as a place to invest, do business, live and work. This benefits all Canadians."

Lower corporate taxes will enable Canada to compete successfully with other countries, stimulate sustainable long-term economic growth, and help to improve the standard of living for all Canadians.

"It means creating quality jobs, attracting investment and talent, encouraging innovation, and building a strong tax base that can support the social programs we hold dear," said Ms. Hughes Anthony.

The CBA also welcomes the additional tax relief for individuals and families, which is urgently needed. These measures put the focus of attention on the lowest income tax bracket, which is where there are some of the highest marginal effective tax rates on income.

The Canadian Bankers Association works on behalf of 54 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 249,000 employees to advocate for efficient and effective public policies governing banks and to promote an understanding of the banking industry and its importance to Canadians and the Canadian economy.